Gold Gains on Stimulus as Copper Drops: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.7 percent to 636.09 at 5:17 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1,552.583.

PRECIOUS METALS

Gold futures rose, heading for the biggest weekly gain since January, as speculation that the U.S. will expand monetary stimulus following President Barack Obama’s re-election bolstered demand for the metal as a store of value.

Gold futures for December delivery rose 0.4 percent to $1,733.40 an ounce on the Comex in New York. Earlier, the price reached $1,739.40, the highest for a most-active contract since Oct. 19.

Silver futures for December delivery advanced 1.1 percent to $32.59 an ounce. Earlier, the price reached $32.785, the highest since Oct. 19.

Precious metal markets: NI PCMKTS

BASE METALS

Copper fell in New York, heading for a fifth straight weekly decline, on further signs of slowing in Europe and concern that U.S. political deadlock over the so-called fiscal cliff will undercut a global recovery.

Copper futures for December delivery retreated 1 percent to $3.436 a pound on the Comex in New York. The metal is headed for a fifth straight weekly drop and has erased gains for the year.

On the London Metal Exchange, copper for delivery in three months fell 0.7 percent to $7,573.50 a metric ton ($3.44 a pound) and is now down for the year. Aluminum, tin, nickel, zinc and lead also slid in London.

Base metals markets: NI BMMKTS

CRUDE OIL

Oil climbed as better-than-forecast consumer-sentiment data tempered concern political wrangling in the U.S. will slow the economy of the world’s biggest crude-consuming country.

Crude oil for December delivery rose 43 cents, or 0.5 percent, to $85.52 a barrel on the New York Mercantile Exchange. The contract traded between $84.13 and $85.64 a barrel today. Prices are down 13 percent this year.

Brent oil for December settlement increased 47 cents, or 0.4 percent, to $107.72 a barrel on the London-based ICE Futures Europe Exchange.

Oil markets: NI OILMARKET

GRAINS, OILSEEDS

Soybeans plunged to a four-month low after a U.S. government report showed that August rains helped revive Midwest yields more than forecast, after the worst drought in five decades. Corn was little changed.

Soybean futures for January delivery fell 1.4 percent to $14.7525 a bushel on the Chicago Board of Trade, after touching $14.63, the lowest since July 3. Through yesterday, the price had fallen 16 percent since reaching a record $17.89 on Sept. 4.

Corn futures for December delivery were up 0.1 percent to $7.4425 a bushel on the CBOT, after slipping as much as 1 percent. The most-active futures fell 12 percent through yesterday after reaching a record high of $8.49 on Aug. 10.

Grain markets: NI GRMKTS

SOFT COMMODITIES

Cotton futures fell, heading for a third straight weekly drop, after a report signaled bigger output in the U.S., the world’s top exporter. Orange juice and coffee also slid. Sugar and cocoa gained.

Cotton futures for March delivery dropped 0.7 percent to 69.82 cents a pound on ICE Futures U.S.in New York. A close at that level would leave prices down 0.8 percent this week.

Orange-juice futures for January delivery tumbled 2 percent to $1.0725 a pound on ICE.

Also in New York, arabica-coffee futures for December delivery slumped 0.7 percent to $1.5035 a pound.

Raw-sugar futures for March delivery advanced 1 percent to 19.03 cents a pound on ICE, on pace for the first gain in three sessions. Earlier, the sweetener touched 18.66 cents, the lowest for a most-active contract since Aug. 12, 2010.

Cocoa futures for March delivery rose 1 percent to $2,364 a metric ton in New York.

Soft commodities markets: NI SOMKTS

NATURAL GAS

Natural gas futures dropped for the second time in three days as forecasts showed warmer-than-normal weather that may reduce demand for the heating fuel.

Natural gas for December delivery fell 10.6 cents, or 2.9 percent, to $3.502 per million British thermal units on the New York Mercantile Exchange. The futures have dropped 1.5 percent this week and are down 4.1 percent from a year ago. Gas rose to $3.82 per million Btu in intraday trading on Oct. 30, the highest price since Nov. 4, 2011.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

LIVESTOCK

Cattle futures rose to a one-week high as export demand for U.S. beef surged. Hogs declined.

Cattle futures for December delivery gained 0.2 percent to $1.2565 a pound on the Chicago Mercantile Exchange. Earlier, the price touched $1.26125, the highest for a most-active contract since Nov. 1.

Feeder-cattle futures for January settlement fell 0.1 percent to $1.457 a pound.

Hog futures for December settlement dropped 0.2 percent to 80 cents a pound. Yesterday, the price reached 80.75 cents, the highest since July 31.

Livestock markets: NI LVMKTS

OIL PRODUCTS

Gasoline advanced on concern supplies in the U.S. East Coast will shrink as refineries and terminals remained shuttered 11 days after Hurricane Sandy made landfall in New Jersey.

Gasoline for December delivery rose 5.25 cents, or 2 percent, to $2.6598 a gallon on the New York Mercantile Exchange.

December-delivery heating oil rose 2.41 cents, or 0.8 percent, to $2.9795 a gallon on the exchange.

The average nationwide cost for regular gasoline fell 0.8 cent to $3.456 a gallon, AAA, the largest U.S. motoring organization, said today on its website. That’s the lowest level since July 19. The pump price reached a 2012 high of $3.936 on April 4.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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